Surya Semesta Internusa (SSIA IJ): Estimates cut on lower revenue booking

Surya Semesta Internusa (SSIA IJ)
BUY / TP: IDR:2,220 (+37.9%)
Analyst: Yap Swie Cu

Estimates cut on lower revenue booking
• Soft marketing-sales progress delays revenue recognition
• Construction performance remained strong, but hospitality was dragged by Paradisus renovations
• Net profit estimate for 2025F cut amid lower revenue assumption
• Upgrade to BUY with maintained TP of IDR2,220